How did the Fund Perform?

The Brown Capital Management Small Company Fund Investor Class Shares (the “Fund”) returned -15.37% for the fiscal year ended March 31, 2026, compared with 17.80% for the S&P 500^® Index and 23.58% for the Russell 2000^® Growth Index. These extreme and disappointing results reflect a continuation of the challenging environment for our investment approach over the past several years.

The primary driver of performance during the year was a continued divergence between company fundamentals and stock price behavior. Across much of the portfolio, our Exceptional Growth Companies (EGCs) delivered solid operational results, including durable revenue growth and strong competitive positioning. However, these fundamentals were not reflected in share prices due to poor market sentiment toward high-quality growth companies.

In particular, software and software-adjacent businesses experienced a significant valuation decline driven by concerns about the potential disruptive impact of artificial intelligence (AI). In our view, this reaction has been overly broad. Many of our holdings—particularly those with proprietary data, mission-critical workflows and consumption-based business models—are more likely to benefit from AI than be displaced by it over time. As of March 31, 2026, we estimate that these AI-affected holdings are trading at a 56% discount to their five-year average forward price-to-sales multiples. Life sciences tools and services companies also faced a difficult environment, as customers remained cautious in committing capital.

Top contributors to return included Cognex and Xometry. Cognex benefited from improving demand trends and margin expansion, while Xometry continued to execute on its digital manufacturing marketplace strategy, delivering strong growth and customer expansion. Among the largest detractors were Tyler Technologies and Paycom Software, both of which declined primarily due to valuation compression despite continued operational performance.

During the year, we added several new holdings, including Mama’s Creations and Credo Technology, expanding our exposure to data management and AI infrastructure. We also exited positions such as Vicor and Helios Technologies following a reassessment of their long-term prospects.

Cumulative Performance

(based on a hypothetical $10,000 investment)

Date	Brown Capital Management Small Company Fund - Investor Class - $15,134	S&P 500® Index - $37,594	Russell 2000® Growth Index - $25,438
3/31/2016	10000	10000	10000
3/31/2017	12476.58	11717	12303
3/31/2018	15785.56	13357	14596
3/31/2019	17530.29	14625	15158
3/31/2020	16031.76	13605	12341
3/31/2021	25858.67	21271	23473
3/31/2022	22649.65	24599	20109
3/31/2023	17834.4	22698	17978
3/31/2024	19584.41	29480	21637
3/31/2025	17881.37	31913	20586
3/31/2026	15133.72	37594	25438

Key Fund Statistics

(as of March 31, 2026)

How did the Fund Perform?

The Brown Capital Management Small Company Fund, Institutional Class Shares (the “Fund”) returned -15.20% for the fiscal year ended March 31, 2026, compared with 17.80% for the S&P 500^® Index and 23.58% for the Russell 2000^® Growth Index. These extreme and disappointing results reflect a continuation of the challenging environment for our investment approach over the past several years.

The primary driver of performance during the year was a continued divergence between company fundamentals and stock price behavior. Across much of the portfolio, our Exceptional Growth Companies (EGCs) delivered solid operational results, including durable revenue growth and strong competitive positioning. However, these fundamentals were not reflected in share prices due to poor market sentiment toward high-quality growth companies.

In particular, software and software-adjacent businesses experienced a significant valuation decline driven by concerns about the potential disruptive impact of artificial intelligence (AI). In our view, this reaction has been overly broad. Many of our holdings—particularly those with proprietary data, mission-critical workflows and consumption-based business models—are more likely to benefit from AI than be displaced by it over time. As of March 31, 2026, we estimate that these AI-affected holdings are trading at a 56% discount to their five-year average forward price-to-sales multiples. Life sciences tools and services companies also faced a difficult environment, as customers remained cautious in committing capital.

Top contributors to return included Cognex and Xometry. Cognex benefited from improving demand trends and margin expansion, while Xometry continued to execute on its digital manufacturing marketplace strategy, delivering strong growth and customer expansion. Among the largest detractors were Tyler Technologies and Paycom Software, both of which declined primarily due to valuation compression despite continued operational performance.

During the year, we added several new holdings, including Mama’s Creations and Credo Technology, expanding our exposure to data management and AI infrastructure. We also exited positions such as Vicor and Helios Technologies following a reassessment of their long-term prospects.

Cumulative Performance

(based on a hypothetical $500,000 investment)

Date	Brown Capital Management Small Company Fund - Institutional Class - $771,231	S&P 500® Index - $1,879,723	Russell 2000® Growth Index - $1,271,945
3/31/2016	500000	500000	500000
3/31/2017	625050.71	585850	615150
3/31/2018	792435.16	667850	729800
3/31/2019	881832.94	731250	757900
3/31/2020	808042.78	680250	617050
3/31/2021	1305885.3	1063550	1173550
3/31/2022	1146203.56	1229950	1005450
3/31/2023	903568.12	1134900	898900
3/31/2024	994155.57	1474000	1081850
3/31/2025	909422.72	1595650	1029300
3/31/2026	771230.72	1879723	1271945

Key Fund Statistics

(as of March 31, 2026)

How did the Fund Perform?

The Brown Capital Management International All Company Fund Investor Class Shares (the “Fund”) declined 12.46% for the fiscal year ended March 31, 2026, lagging the MSCI EAFE^® Index, which rose 21.88%. The underperformance was driven by a rotation away from growth equities, a sharp performance divide related to artificial intelligence (AI) and several stock-specific challenges.

We invest in what we call Exceptional Growth Companies (EGCs) that offer mission-critical products and services, saving their customers time, lives, money and headaches, or providing exceptional value to consumers. While market conditions were unfavorable, we believe our EGCs retain the competitive positioning, pricing power and financial strength to navigate periods of volatility.

While market sentiment was challenging, the fundamentals of many of our holdings remained solid, with continued revenue growth, resilient margins and ongoing execution against long-term strategies. Despite this, share prices declined across portions of the portfolio, particularly among software and platform businesses, as investors reassessed the potential impact of AI and rotated toward more cyclical areas of the market.

Top contributors included Camtek and ASML, both of which benefited from strong demand tied to AI-related semiconductor investment. Among the detractors were MonotaRO and Flutter Entertainment, which declined amid moderating growth expectations, margin pressures and broader weakness in growth stocks.

We added several new positions during the year, including Apotea, Hub24 and Nu Holdings, and exited holdings such as AutoStore, Tecan and CyberArk as we reassessed fundamentals and redeployed capital into higher-conviction opportunities.

Thank you for your continued support.

Cumulative Performance

(based on a hypothetical $10,000 investment)

Date	Brown Capital Management International All Company Fund - Investor Class - $12,623	MSCI EAFE® Index - $23,489
3/31/2016	10000	10000
3/31/2017	10160.39	11225.4
3/31/2018	11546.1	12945.13
3/31/2019	11432.15	12528.3
3/31/2020	10763.86	10784.36
3/31/2021	15148.52	15653.5
3/31/2022	13985.69	15911.78
3/31/2023	12579.29	15774.94
3/31/2024	15257.24	18283.15
3/31/2025	14420.38	19272.51
3/31/2026	12623.34	23489.33

Key Fund Statistics

(as of March 31, 2026)

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Annual Performance

  Average Annual Total Return 

Sector Breakdown

sector	%
Information Technology	0.3228
Financials	0.1778
Industrials	0.1275
Health Care	0.0952
Materials	0.0791
Communication Services	0.0571
Consumer Discretionary	0.0538
Consumer Staples	0.0465
Short Term Investments	0.0356

Material Changes

Fund Liquidation

On May 22, 2026, the Board of Trustees of Brown Capital Management Mutual Funds approved a Plan of Termination and Liquidation (the "Plan") for the Brown Capital Management International All Company Fund ("Fund"). The Brown Capital Management International All Company Fund commenced operations on May 28, 1999. Brown Capital Management, LLC (the "Advisor"), the Fund's investment advisor, recommended that the Board approve the Plan due to factors such as the Fund's underperformance and diminished assets under management, limited growth opportunities, and the Advisor's indication that it does not desire to continue subsidizing the Fund's expenses. As a result, the Board concluded that it is in the best interests of the Fund and its shareholders to terminate and liquidate the Fund. The Fund is expected to terminate as a series of the Trust and liquidate on or about June 30, 2026 (the "Termination Date").

Effective May 26, 2026, the Fund is closed to new and subsequent investments. Any remaining shareholders on the Termination Date will receive a distribution of their remaining investment value in the Fund, after the payment of certain Fund liabilities as provided for in the Plan. The sale or liquidation of your Fund shares will generally be a taxable event. You should consult your tax adviser about your tax situation as concerns the Fund's termination and liquidation.

As shareholders redeem shares of the Fund between May 26, 2026 and the Termination Date, the Fund may not be able to maintain its investment objective and other investment policies. Accordingly, the Fund may deviate from its investment objective and other investment policies during the period between May 26, 2026 and the Termination Date.

How did the Fund Perform?

The Brown Capital Management International Small Company Fund Investor Class Shares (the “Fund”) returned -16.11% for the fiscal year ended March 31, 2026, compared with +21.88% for the MSCI EAFE^® Index and +28.41% for the MSCI All Country World ex USA Small Cap Index. These disappointing results reflect our most challenging period of relative underperformance since the Fund’s inception in 2015.

At the core of our underperformance was a disconnect between company fundamentals and stock price behavior. Across much of the portfolio, our holdings delivered solid operational results, including double-digit revenue growth, strong profitability and continued market share gains. However, stock prices declined as investor sentiment shifted away from growth equities and toward more cyclical sectors.

The market’s reaction to artificial intelligence (AI) was a major driver of this dynamic. Companies tied to AI infrastructure performed strongly, while many software, platform and data-driven businesses experienced significant valuation compression. We estimate that 17 holdings in the portfolio that are exposed to this AI derating are trading at a 75% discount to their 10-year historical average on a free cash flow basis, as of March 31, 2026. In our view, many of these companies are well positioned to benefit from AI, given their proprietary data, embedded workflows and system-of-record characteristics.

Top contributors to return included Camtek and CyberArk. Camtek benefited from strong demand in semiconductor applications tied to AI, while CyberArk’s performance was driven by both solid fundamentals and its acquisition at a premium valuation. Among the largest detractors were Hemnet and VusionGroup on concerns of fundamental weakness.

During the year, we added several new holdings, including Hub24 and Cellebrite, broadening the portfolio’s exposure to financial technology and digital intelligence. We also exited positions such as YouGov and M3 following a reassessment of their long-term prospects.

Cumulative Performance

(based on a hypothetical $10,000 investment)

Date	Brown Capital Management International Small Company Fund - Investor Class - $20,590	MSCI EAFE® Index - $23,489	MSCI All Country World ex USA Small Cap Index - $22,452
3/31/2016	10000	10000	10000
3/31/2017	11584	11225.4	11267
3/31/2018	16159	12945.13	13636.45
3/31/2019	16695	12528.3	12391.44
3/31/2020	14738	10784.36	9809.3
3/31/2021	25208	15653.5	16717
3/31/2022	23369	15911.78	16790.89
3/31/2023	21143	15774.94	15126.91
3/31/2024	24132	18283.15	17146.36
3/31/2025	24545	19272.51	17554.75
3/31/2026	20590	23489.33	22542.05

Key Fund Statistics

(as of March 31, 2026)

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Annual Performance

  Average Annual Total Return 

Sector Breakdown

sector	%
Business Services	0.314
Information/ Knowledge Management	0.3017
Medical/Health Care	0.1258
Consumer Related	0.1059
Industrial Products & Systems	0.079
Miscellaneous	0.0337
Short Term Investments	0.0307

Material Changes

Large Redemptions

Subsequent to March 31, 2026, the Fund experienced shareholder redemptions exceeding 25% of the Fund’s Net Assets as of March 31, 2026.